When academia comes to market: does university affiliation reduce the uncertainty of IPOs?
Companies obtain significant benefits and resources from university affiliations. Building on recent contributions in the fields of organizational theory and signaling theory, we argue that such relationships redresses investors’ concerns over the legitimacy of firms and acts as an uncertaintyreducing signal. We study the population of university spin-offs that went public in Europe over the last decade, and find that academic affiliation reduces uncertainty and enhances survivability in the long term. Thus, external stakeholders consider this affiliation a valuable and non-substitutable resource. Our results control for a number of characteristics related to firm quality, including measures of intellectual and relational capital as well as corporate governance mechanisms.
|Date of creation:||2009|
|Contact details of provider:|| Postal: viale Marconi 5, 24044 Dalmine|
Web page: http://www.unibg.it/struttura/en_struttura.asp?cerca=en_dige_intro
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Uschi Backes-Gellner & Arndt Werner, 2007. "Entrepreneurial Signaling via Education: A Success Factor in Innovative Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 173-190, June.
When requesting a correction, please mention this item's handle: RePEc:brh:wpaper:0909. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (University of Bergamo Library)
If references are entirely missing, you can add them using this form.